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Exporters are fixing the hopes of the current negotiations for a bilateral trade agreement will keep India out of the reciprocal tariffs that the United States plans to impose as of April 2.
According to several industry sources, Indian exporters expect negotiations and the promise of tariff cuts on US imports to help India escape reciprocal tariffs that the president of the United States, Donald Trump, has threatened to impose imports to the United States.
Most national exporters have also shown support for a feat cut, as well as a zero rate strategy for zero as part of the bilateral discussions of the commercial agreement. Under a zero rate strategy for zero, two countries identify specific products and remove tariffs on them.
Recently, the Confederation of the Indian Textile Industry (CITI) has suggested a zero rate agreement for zero with the US. In the textile and clothing sector.
According to sources, this is one of the issues that can be discussed at the Ministry of Commerce meeting with the export promotion councils on Thursday. The Minister of Commerce and Industry, Piyush Goyal, who recently returned from a trip to Washington to discuss the bilateral trade agreement, will also attend the meeting with the export promotion advice.
The sources indicated that this is a regular meeting of the Ministry of Commerce to review the problems faced by exporters and strategies to boost exports. According to sources, the Government could also consider providing more incentives to exporters to help them mark the current environment of global uncertainties in the midst of a possible tariff war.
During his visit to the USA last week, Goyal met with the United States Trade Representative (USTR) Jamieson Greer and the United States Secretary of the United States Howard Lutnick to initiate discussions on the proposed bilateral trade agreement. India and the United States have agreed to duplicate the bilateral trade to $ 500 billion by 2030 and negotiate the first phase of a bilateral commercial agreement for the autumn of 2025.
Although Goyal can visit the United States again, the Ministry of Commerce is also in conversations with interested parties and in all sectors to understand areas and products where India can offer lower rates to the United States as part of the commercial agreement.
